证券代码：300729 证券简称：乐歌股份 乐歌人体工学科技股份有限公司 投资者调研接待记录表 编号：2025-004TZZ 投资者关系活动 类别 特定对象调研 □分析师会议 □媒体采访 业绩说明会 新闻发布会 □路演活动 现场参观 其他（请文字说明） 电话会议 参与单位名称及 人员姓名 具体参与单位人员见附件 时间 2025 年 8 月 27 日（周三） 10:30-11:30 地点 宁波市鄞州区首南街道学士路 436 号乐歌大厦 上市公司接待人 员姓名 董事会秘书：虞浩英 证券事务代表：瞿奇龙 投资者关系活动 主要内容介绍 投资者提出的问题及公司回复情况： 1. 请介绍下基于目前的贸易环境和消费市场情况，公司对于海外 仓业务的展望和布局。 公司海外仓不仅承载着自身跨境电商业务的货量，也承载着合作 伙伴的信任。每一位客户托付的货物，叠加在一起，形成了如今数以 千万计的出库规模。公司的海外仓业务在仓库耗材、仓库叉车设备和 货架规模化采购、目的港拖车、卸柜，以及尾程发货数量规模上的优 势，使得公司获得更好的议价能力和价格优势，在当下大多数海外仓 企业经营困难且行业竞争激烈趋于集中化的背景下，公司海外仓业务 始终 ...

8月28日晚8点，京东秋季家装节全面开启。京东携手恒洁、九牧、芝华仕、欧普、美的、海尔等大牌， 带来了智能马桶、电子锁、沙发、实木床、智能浴霸等家居好物，以及冰箱、空调、电饭煲等实用大小 家电。消费者只需打开京东APP搜索"家装节"即可直达活动会场，享受国补叠加多重补贴至高立省 50%。 作为每天高频使用的家居场景，消费者对卫浴空间的卫生性和舒适度需求持续增长。本次秋季家装节， 京东准备了一众智能卫浴产品，让智能真正服务于消费者的日常生活。其中，具备无水压限制技术、感 应翻盖的九牧智能马桶770p，活动期间价格低至6折，并在全国范围内2531城提供免费安装服务；具备 负氧离子除菌降尘能力的欧普京东集采JC系列浴霸S3京耀可1分钟升温10摄氏度，叠加国补优惠不止75 折，并提供拆旧安装服务。 舒适的家居生活与寝具的舒适度和品质密不可分。喜临门乳胶独袋床垫塔利亚经典采用进口乳胶帮助贴 合身体曲线，抑菌防螨面料安全亲肤，活动期间至高可省1018元；顾家家居乳胶床垫是千元内品质乳胶 床垫代表，活动期间至高优惠27%；源氏木语实木双人床具备轻量级斜靠床头、齐边设计，舒适与实用 兼得，活动期间价格优惠不止8折。 家庭幸福 ...

1H25 业绩略低于我们预期 公司发布1H25 业绩，收入同增29.6%至31.45 亿元，归母净利润同降19.5%至1.29 亿元，扣非归母净利 润同降26.6%至0.79 亿元，业绩略低于我们预期，主因尾程涨价及新仓爬坡拖累海外仓毛利率、分销业 务经营短期承压等。分季度看，1Q/2Q25 收入同增37.7%/22.6%，归母净利同降35.2%/3.9%。 发展趋势 1、供需两旺下海外仓营收延续快增，人体工学新品类加速打造。1）海外仓：1H25 收入同增84.3%至 15.7 亿元，收入占比同比提升15ppt 至49.9%，美国电商渗透率提升及国内跨境企业加速出海驱动下， 公司1H25包裹发件量同增超120%，欧洲市场亦成功开拓，德国海外仓利用率已超70%并实现盈利；2） 人体工学业务：1H25 收入同增3.5%至13.8 亿元，分品类看，人体工学椅、电动沙发、电动床销售额同 增100%，新品类收入占比提升至20%；分渠道看，1H25 跨境电商收入同增9.2%至10 亿元，其中独立站 收入同增11.2%，于跨境电商收入占比达41%。 2、尾程涨价、新仓爬坡拖累海外仓毛利率，新业务调整下管理费用较高。 盈利预 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 1.2本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 1.3公司全体董事出席董事会会议。 1.4本半年度报告未经审计。 1.5董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司代码：603600 公司简称：永艺股份 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到www.sse.com.cn网站仔细阅读半年度报告全文。 以实施权益分派股权登记日登记的总股本为基数，向全体股东每股派发现金红利0.16元（含税）。根据 截至本报告披露日公司总股本330,433,170股计算，本次预计派发现金红利52,869,307.20元（含税），占 2025年1-6月实现的归属于上市公司股东净利润的39.89%。 第二节 公司基本情况 2.1公司简介 ■ 2.2主要财务数据 单位：元 币种：人民币 ■ 2.3前10名股东持股情况表 单位: 股 ■ 2.4截至报告期末的优先股股东总数 ...

证券代码：603600 证券简称：永艺股份 公告编号：2025-034 永艺家具股份有限公司 关于"提质增效重回报"行动方案的半年度评估报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 同时，着力推进管理体系升级，持续优化运营水平。2025 年上半年，公司 重点推进采购体系变革项目，逐步构建高效协同的供应链集成管理体系：建立供 应商资源看板，实现供应链资源可视化管理，优化供应商资源池；加强供应商绩 效精细化管理，通过推行量化绩效评估体系，精准引导供应商持续改进并赋能其 能力提升；统筹公司技术、质量、交付等领域专家资源，按照矩阵式理念组建原 材料品类管理小组，协同开展供应商选型与成本优化；开发招标及货运竞价等数 字化系统，实现采购成本管理的高效透明。同时，继续深入推进 T+3 和 UBS 精益 管理体系建设，持续提升采产销一体化计划管理体系的精准性与敏捷性，并积极 培育精益生产专业型人才队伍，夯实持续改善基础。此外，有序推进越南和罗马 尼亚基地建设，系统性输出先进管理体系，赋能海外基地持续推进降本增效、精 益运营、效率提升， ...

Group 1 - The core viewpoint emphasizes that upgrading traditional industries and resolving outdated production capacity is crucial for enhancing total factor productivity rather than merely shutting down facilities [3][5][8] - Recent policy dynamics focus on promoting new productive forces and industrial upgrades, with a notable meeting of the Central Financial Committee highlighting the need for a unified national market and orderly competition [6][5] - Concerns about overcapacity persist, prompting a shift towards industrial intensification as a key solution to chaotic competition, which can enhance resource efficiency and reduce costs for individual enterprises [12][14] Group 2 - Investment events are primarily centered around high-end intelligent manufacturing, with a reported peak in financing activities during the period, including 10 investment events and 13 financing events [19][20] - The average occupancy rate for industrial park REITs stands at 82.67%, with a monthly rental price of 77.61 yuan per square meter, indicating a mixed performance among different REITs [22][25] - Specific projects such as the Zhongguancun (Beijing West) AI Technology Park and Yantai Zhongdian Zhigu Industrial Park are highlighted for their significant investments and expected contributions to local economies [15][16][18]

Company Overview - Shenzhen Xihao Intelligent Home Furnishing Co., Ltd. is a leading ergonomic chair company established in 2011, headquartered in Shenzhen, with a supply chain based in Foshan. The company has achieved annual growth rates of 30%-50% since 2017 and expects to surpass 2 billion in sales this year [1][6][14]. Sales and Market Position - Xihao's projected sales for 2024 are nearly 1.6 billion, with products sold in 85 countries and regions, achieving annual sales of over 1.5 million units [1][12]. - The company aims to maintain over 30% annual growth for the next decade, with a target of doubling its scale in three years and quadrupling it in five years [1][14]. Product Development and Innovation - The ergonomic chair market is experiencing a significant increase in demand, with a projected 43% year-on-year growth in the online market for ergonomic chairs in 2024, driven by a rising number of lumbar disease patients in China [8][10]. - Xihao invests 13%-16% of its profits into research and development, with over 100 R&D staff making up 20% of the company's non-manufacturing workforce [10][16]. Market Challenges and Strategies - The company faced challenges in 2014 due to market homogenization, leading to a significant drop in product prices and inventory issues. Xihao responded by focusing on core business areas and investing in technological innovation [7][11]. - Xihao successfully entered the overseas market in 2018, selling its M18 ergonomic chair on Amazon at a competitive price of around $200, which led to rapid sales growth [11][12]. Future Market Potential - The current domestic ergonomic chair market is estimated at 400-500 billion, while the global market exceeds 2 trillion. With the potential for every household to own an ergonomic chair, the market could grow to 4-5 trillion [14][15]. - Xihao's vision includes making ergonomic chairs a universal product, with plans for three phases of market penetration: one chair per household, one chair per person, and ultimately two chairs per person [14][15].

Core Insights - The 2025 Global Cross-Border E-commerce Trade Expo in Hangzhou successfully concluded, attracting 116,000 attendees and generating significant trade intentions, including 33,000 foreign trade procurement intentions and 25,000 cross-border e-commerce service cooperation intentions [1][2]. Group 1: Event Highlights - The expo showcased a vibrant atmosphere with 70,000 square meters of exhibition space, breaking down language and logistical barriers for businesses [2]. - Notable projects, including the establishment of the first merchant service center for Yandex Market in the Asia-Pacific region, were launched during the event [2]. - The event facilitated connections for foreign trade enterprises, resulting in potential orders worth millions and over 1,000 potential clients identified [2]. Group 2: Industry Growth - China's cross-border e-commerce import and export scale is projected to reach 2.63 trillion yuan in 2024, marking a 10.8% year-on-year growth [4]. - Hangzhou's cross-border e-commerce export scale has surged from less than 120 million yuan to 151.995 billion yuan over the past decade, a staggering increase of 1,266 times [4]. - The city has become a hub for cross-border e-commerce, with 1,586 enterprises achieving transaction volumes exceeding 20 million yuan [4]. Group 3: Technological Innovations - AI tools are increasingly integrated into cross-border e-commerce, enhancing efficiency in product operations and marketing strategies [5]. - Companies like Cloud Creation Beast AI and Alibaba International Station are leveraging AI to streamline processes, enabling even those without foreign language skills to create multilingual promotional content [2][5]. Group 4: Future Outlook - The importance of compliance in cross-border operations is growing, with companies focusing on navigating international regulations and e-commerce platform rules [6]. - The expo serves as a barometer for industry trends, indicating a shift towards a more intelligent, compliant, and sustainable cross-border e-commerce landscape [6].

Group 1 - Sichuan's "smart manufacturing" is opening new opportunities for intelligent robots and low-altitude aircraft to accelerate overseas expansion, with significant growth in overseas orders for companies like AOS Technology [2] - The cross-border e-commerce industry in Beijing Daxing International Airport's economic zone is experiencing rapid growth, with a projected 120% year-on-year increase in import and export value for 2024 [2] - The Chinese medical device market is expected to grow from 528.4 billion yuan in 2018 to 1,627.5 billion yuan by 2030, driven by high cost-performance and innovation [3] Group 2 - The global app installation volume is projected to increase from 27 billion in 2018 to 75 billion by 2024, with the U.S. being the most important overseas market [4] - Chinese brands are expanding into the U.S. market, facing challenges such as high rent and labor costs, but still showing potential for growth [5] - The cross-border e-commerce sector is expected to shift towards high-quality growth by 2025, with platforms like Amazon and Alibaba adapting their strategies to maintain profitability [6][7] Group 3 - Trade between China and ASEAN, EU, and Belt and Road countries is growing, with ASEAN becoming China's largest trading partner, reaching 3.02 trillion yuan in bilateral trade [8] - Chinese companies are shifting their overseas investment focus from resource acquisition to technology collaboration and market penetration, emphasizing the importance of due diligence and value assessment [9] - China's cross-border e-commerce is projected to reach 2.63 trillion yuan in total import and export value by 2024, with platforms like Temu and TikTok Shop expanding their overseas presence [10] Group 4 - Haidilao's international expansion shows a revenue of $198 million in Q1 2025, with a focus on optimizing store layout and operational efficiency [13] - LABUBU's success in overseas markets highlights China's transition from a manufacturing hub to a global creative center, driven by innovation and cultural integration [14] - Xihou's ergonomic chairs have reached 85 countries, with a revenue target of nearly 2 billion yuan in 2024, emphasizing technology and sustainability [16] Group 5 - Cainiao is leveraging AI and supply chain strengths to accelerate logistics technology exports, with a 61% year-on-year increase in large client numbers [17] - AliExpress is launching car sales in the Middle East, focusing on Chinese electric vehicles, as part of its brand expansion strategy [18] - Bawang Tea's Q1 2025 revenue reached 3.39 billion yuan, with significant growth in overseas markets, particularly in North America and Southeast Asia [19] Group 6 - Moutai's internationalization strategy aims for a 20.4% increase in export value to $970 million in 2024, focusing on cultural integration [20] - Shoulu Hotel Group is restructuring its high-end segment, planning to renovate old hotels and promote sub-brands internationally [21] - Chahua Co. is targeting Southeast Asia for product expansion, despite facing a revenue decline of 14.74% in 2024 [22] Group 7 - Xiaomi's global strategy reflects the challenges of transitioning from scale expansion to value creation, with a focus on high-end market penetration [23][24] - Meituan's "Xiaoxiang Supermarket" is testing the Saudi market, planning to expand its reach while balancing investment and profitability [25]

Group 1 - Australian consumers are expected to spend AUD 10.5 billion during the upcoming promotional season, an increase of AUD 400 million compared to last year [1] - Over a quarter of Australians (approximately 6.1 million) plan to shop in physical stores for discounted items [1] - The proportion of consumers planning to shop online has decreased by 11% compared to last year, indicating a preference for purchasing larger items in-store [1][3] Group 2 - Popular categories for this year's promotions include clothing, footwear, accessories, home appliances, white goods, electronics, and technology products [1][3] - The ongoing cost of living crisis has led consumers to reduce spending on non-essential items, making promotional events crucial for retailers [3] - Many consumers are seeking work-related items that can be tax-deductible, increasing demand for computers, mobile phones, and other technology products [3] Group 3 - A significant trend is the investment in next-generation AI devices, including Windows computers, laptops, mobile devices, and smart home technology [3][5] - Wearable devices, particularly stylish and functional options like Ray-Ban Meta smart glasses, are gaining popularity among tech enthusiasts and professionals [5] - Office supplies such as paper, ink, pens, and sticky notes are also high on shopping lists as consumers update their office equipment at the fiscal year-end [5] Group 4 - The last weekend of June is expected to be particularly busy due to the fiscal year-end on June 30 [7] - Consumers are looking for higher value without compromising quality, investing in seasonal items that provide warmth, style, and durability [7] - There is strong demand for winter home comfort items, especially flannel sheets and comforters, along with popular kitchen appliances like air fryers and cookware sets [9]